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Report: Trump Plans to Set 50% Copper Tariff
07/09/2025 - U.S. President Donald Trump said Tuesday he plans to implement a 50% tariff on copper imports, along with various increased tariff rates on several other select industries, Bloomberg reported.
During a U.S. Cabinet meeting, Trump said he was planning tariffs on industries including drugs, semiconductors and metals.
When a reporter asked what the rate would be, Trump replied, “I believe the tariff on copper we’re going to make it 50%.” Following the statement, copper futures in New York rose as much as 17% — the largest intraday gain since at least 1988.
After the U.S. Cabinet meeting, commerce secretary Howard Lutnick said his department’s investigation into copper had concluded and he expects the tariff to be put in place between the end of July and 1 August.
“We’ve handed the [copper] study over to the president. The president knows that he has the ability, since we’ve studied the market for copper, to set the market tariff for copper,” said Lutnick.
The tariff comes as the U.S. and the rest of the world expect a large increase in demand for copper over the next decade for necessary feedstock to increase electric vehicle output and electric grid capacity for industries such as data centers, automobile companies, power companies and more. In the shift to renewable energy, retooling power and transportation systems will require more copper than copper producers are currently committed to deliver, Bloomberg said.
In addition to his comments on the copper tariff, Trump gave pharmaceutical manufacturers a year and a half to bring their operations to the U.S. before they would also be hit with tariffs.
“After that they’re going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs and other things, into the country. They’re going to be tariffed at a very very high rate, like 200%,” Trump said.
Citing possible threats to national security, multiple investigations under Section 232 of the Trade Expansion Act of 1962 are ongoing. Once they are concluded, Trump is expected to move forward with additional tariffs, Bloomberg said.
When a reporter asked what the rate would be, Trump replied, “I believe the tariff on copper we’re going to make it 50%.” Following the statement, copper futures in New York rose as much as 17% — the largest intraday gain since at least 1988.
After the U.S. Cabinet meeting, commerce secretary Howard Lutnick said his department’s investigation into copper had concluded and he expects the tariff to be put in place between the end of July and 1 August.
“We’ve handed the [copper] study over to the president. The president knows that he has the ability, since we’ve studied the market for copper, to set the market tariff for copper,” said Lutnick.
The tariff comes as the U.S. and the rest of the world expect a large increase in demand for copper over the next decade for necessary feedstock to increase electric vehicle output and electric grid capacity for industries such as data centers, automobile companies, power companies and more. In the shift to renewable energy, retooling power and transportation systems will require more copper than copper producers are currently committed to deliver, Bloomberg said.
In addition to his comments on the copper tariff, Trump gave pharmaceutical manufacturers a year and a half to bring their operations to the U.S. before they would also be hit with tariffs.
“After that they’re going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs and other things, into the country. They’re going to be tariffed at a very very high rate, like 200%,” Trump said.
Citing possible threats to national security, multiple investigations under Section 232 of the Trade Expansion Act of 1962 are ongoing. Once they are concluded, Trump is expected to move forward with additional tariffs, Bloomberg said.
